Thursday, December 11, 2008

Technical Update - Gap Fill

Last night we said that NR7 price/volume contraction implied price expansion, but direction was not clear. Today we had expansion in the form of a gap fill.

Based on how we closed, we had plenty of room between the trendline. However, after hours S&P futures are ripping lower, the trendline is broken. The trendline is approx. 860 and we are now trading at 833. Should be an interesting open.